Destination Resorts
CIRI's newest resort investment, the 492-room Hyatt Regency Lost Pines Resort and Spa , opened in June 2006 on a 405-acre site near Austin, Texas.
CIRI owns a 32.6-percent interest in the Lost Pines resort along with partners Woodbine Development Corp., the Oklahoma Publishing Co. and Hyatt Development Corp.
The Lost Pines resort features an 18-hole golf course, a full-service spa, multiple food and beverage outlets, several swimming pools and access to Colorado River recreational activities such as canoeing, kayaking, rafting, fishing and more than 16 miles of hiking and equestrian trails. The resort includes more than 50,000 square feet of indoor meeting and convention space.
CIRI has been an investor in several destination resort properties in recent years, following its investment strategy in resort properties of investing alongside expert partners, managing the properties to stabilization and then considering whether sale or retention of the properties will produce the best investment results for the company.
CIRI sold its interests in three such properties in 2006, the Westin Kierland Resort and Spa in Scottsdale/Phoenix, Ariz., the Hyatt Regency Lake Las Vegas Resort, Spa and Casino in Henderson, Nev. and The Ritz-Carlton, Lake Las Vegas in Henderson, Nev.
CIRI intends to stay in the hospitality business into the forseeable future and is seeking new investment opportunities, particularly in carefully selected destination resorts.
